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NEO price analysis: NEO/USD cannot make its way above $9.00

  • NEO stays under pressure as $9.00 caps the recovery.
  • The key support is located on the approach to $8.00.

NEO has been sidelined below $9.00 handle. The 20th largest digital asset with the current market value of $628 million has gained nearly 2% since the beginning of the day and stayed unchanged on a day-on-day basis.  NEO is most actively traded at Bitfinex against USDT. From the longer-term perspective, the coin peaked at $24.04 on June 26 and has been moving within a downside trend ever since

Read also:  NEO developers introduce several new products

NEO’s technical picture

Looking technically, a sustainable move above $9.00 is needed to improve the short-term technical picture and unlock an upside potential for NEO bulls. The next hurdle comes at $9.15 ( the middle line of one-day) Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $10.00 with the upper line of one-day Bollinger Band and SMA50 (Simple Moving Average) daily located around this level.

On the downside, a sustainable move below $8.30 (the lower line of one-day Bollinger Band) will bring NEO back towards critical $8.00. If it is broken, NEO/USD will move into the uncharted territory with the next focus as low as $3.70 (the lowest level touched on June 26).  

NEO/USD, one-day chart

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